The gold price in India had witnessed a positive trend on January 2 and the Multi Commodity Exchange (MCX) India showed a 0.19% movement towards the green for the gold prices trading at Rs 55,133 at 11:31 AM. Silver futures also saw a hike in price and touched Rs 69,659.
The retail market in India recorded a light dip in the prices of gold on January 2 with 10 grams of the 22-carat gold trading at Rs 50,600 down by Rs 150 and 24-carat gold, also in 10 grams down by Rs 150, trading at Rs 55,200. The price of 1kg of silver saw no change in its price from yesterday and is recorded at Rs 71,300 in the retail market.
Buying gold in the southern city of Chennai would be the costliest as it would require one to invest Rs 51,500 for every 10 grams of 22-carat gold, while 24-carat gold for the same quantity would cost Rs 56,180. The national capital Delhi records gold prices at Rs 50,600 for the 22-carat variety of the yellow metal and Rs 55,200 for the 24-carat variety. In Bengaluru, the prices for gold were set at Rs 55,100 for the 24-carat variety and Rs 50,500 for the 22-carat type. As usual, the gold pricing remained uniform in Kolkata, Mumbai and Hyderabad with 10 grams of gold both in the 24 and 22-carat varieties being sold at Rs 55,040 and Rs 50,450 respectively.
India’s states each levy their own taxes on the purchase of gold, generating price variations all around the nation. Prices, when purchasing gold jewellery, may be significantly higher based on the additional cost of the craftsmanship and the making charges.
According to the Economic Times, Gold prices ended in 2022 on a stronger footing, rising over 1% in the last week taking the pricing to $1,822, which is not that far from the six-month high of $1,833/oz that it reached during the week.
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